Exciting portfolio to kick off 2022
Barfoot & Thompson Commercial kicks off 2022 having launched their First 22 portfolio which comprises an exciting selection of properties from Albany to Papakura with numerous opportunities for investors, developers and occupiers.
The properties include eight properties for sale by deadline private treaty, six for auction, five for tender and three properties for sale by negotiation.
This marks the eight consecutive year that Barfoot & Thompson Commercial has undertaken their “First of the Year” series and commercial manager John Urlich believes there are changes occurring in the lending market but the fundamentals of commercial property remain strong.
“Businesses are performing and vacancy rates are low,” he says. “More than ever in recent times, we expect this year will present the best opportunities to capitalised investors that are hands-on and that are engaged with the market and optimisation of the asset they are considering.
“The reality is that the pandemic has created some good opportunities for the medium term in different sectors of the market.”
One of the featured offerings is a property occupying a superb city fringe location at 4-6 Dundonald St, Eden Terrace.
“This is a well-located standalone investment property that has the potential for significant addvalue through development or conversion to alternative uses,” says Cam Paterson, who is marketing the property for sale by deadline private treaty closing 2pm, Thursday February 17, unless it sells prior.
Paterson says the 754sq m freehold site houses a 750sq m twolevel building featuring high stud and quality spaces with excellent amenity.
“There is a 26m frontage onto Dundonald St and 11 onsite carparks split over the two tenancies. The ground floor of 331sq m is currently leased to Tenfour Technology Ltd for a period of four years from 1 September 2021 with two rights of renewal of three years, with a rental of $99,635 + GST.
“Level 1 comprises 419sq m of tidy office space and is currently vacant. This was previously divided into two tenancies.
“4-6 Dundonald is located in a Business – Town Centre zone under the Auckland Unitary Plan, providing for both residential and smaller scale commercial activity and a height limit of 18m,” says Paterson.
“This property is a well-located, tidy investment opportunity for both investors and occupants in a location poised to benefit from infrastructure works already well underway in the vicinity.”
Heading to the upper side of the CBD, another property included in the portfolio is 74-76 Karangahape Rd.
The 354sq m site is being marketed by Murray Tomlinson and Reese Barragar of the City Commercial office by tender closing 4pm, Wednesday February 16 unless it sells prior.
“There are few locations in Auckland Central as recognisable and enduring as Karangahape Rd,” Tomlinson says.
“The area continues to attract development and investors looking for a stable long-term position with commercial, and more recently, residential property.”
The two-level retail and office building comprises 541sq m.The ground floor is split into two commercial office tenancies and the top floor is used for short-stay accommodation.
“The smaller of the two ground-floor areas of 93sq m is currently leased, while the top floor of 229sq m and the second ground space of 219sq m are both currently vacant,” says Tomlinson. “There is also income from signage and the potential rent for the property is circa $200,000pa once it is fully leased.”
Tomlinson believes that the property will sit in a value range that is essentially an entry level into this very popular precinct.
“Strategic and experienced developers and investors have been focussing on the area for some time now,” he says.
“Many of the period structures in the area have been renovated to retain their character and then held in the bottom drawer.”
Barragar says the council acknowledges the importance of the area.
“To support the pending City Rail Link, the council has recently completed a massive transformation of the streetscape,” he says.
“This really promotes a vibrant, safe, and wellconnected fringe of the CBD.”
The site is zoned Business – City Centre which allows for a wide range of activities including both residential and commercial.
“The local residential population has grown enormously in the last decade,” Barragar says.
“With favourable zoning rules and opportunities due to under-utilised sites needing development, the residential population growth will only continue.”
Over in Epsom sits a great opportunity for a developer looking for their next project.
John Stringer and Wayne Muir are marketing 503-509 Manukau Rd for sale by auction at 10am, Wednesday February 16, unless it sells prior.
“This location is outstanding,” says Stringer. “Manukau Rd is a main arterial road which provides access from Newmarket to the western suburbs and south to the airport.
“The property is also in favourable Mixed Use zoning and in zone for both Auckland Grammar and Epsom Girls Grammar.”
Comprising 1537sq m of development land in two titles, the property was granted a resource consent on 2 April 2019 for an eight-level building providing 36 residential apartments and three ground-floor offices with three basement carpark levels with 81 spaces.
There are three buildings on the site comprising original 1920s bungalows. They are of standard timber construction with iron roofs.
“The residential dwellings are subject to monthly tenancies with the exception of 1/509 which has a sixmonth term from early December 2021,” Stringer says. “The spa tenant’s lease commenced 15 June 2020 for two years, with two 2-year rights of renewal.”
The lease includes an early termination clause whereby the landlord must provide the tenant nine months’ notice if there is an intention to demolish the building.
Muir says that Epsom is one of the most exclusive and affluent suburbs in Auckland.
“Located in the centre of the Auckland isthmus and adjacent to Mt Eden, it is just south of Newmarket and only 5km from the city centre and as such is a highly desirable suburb to live in.”